The Muslim Brotherhood regime in Egypt, headed by President Mohammed Morsi, is set to issue “Islamic bonds,” not to be confused with the highly successful Israeli bonds that helped the Jewish state get off it feet after its re-establishment in 1948.
Unlike Israel, modern Egypt has been around for a long time, but the Arab Spring rebellion that ousted Egyptian President Hosni Mubarak has driven the country into bear-bankruptcy, despair and social rivalries that have pitted Muslim sects against each other as well as Christian Copts.
Morsi wants to sell bonds to ease the ballooning deficit. The bonds also represent another move to make Egypt an Islamic country.
Liberal Egyptians and the radical Muslim Salafist opposition party are against the sale of Islamic bonds. The liberals are against an Islamic state, while the Salafists are concerned that foreign investors will take over Egypt’s private assets. The law allowing the sale of Islamic bonds prohibits their sale for state-owned assets.
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